According to the WSJ advisers with under $100 million AUM represent 70% of the addressable market which makes good business sense for the nation’s largest custodian.
The new program is called the Center of Excellence. One of its goals is to make sure smaller advisors are aware of the Schwab services they’re entitled to, such as those related to practice management and fintech. “Before, we would hear clients say things like, ‘We know we’re small, so we probably don’t have access to these services,’“ Kerr is quoted saying. “Now we have people baked into the center to help them know where to go.”